Impax Asset Management Group plc Sells 97,749 Shares of Watts Water Technologies, Inc. $WTS

Key Points

• Impax sold 97,749 shares, cutting its stake in Watts Water Technologies by 13.1% to 647,873 shares (a holding valued at about $178.8 million and its 27th-largest position).
• Insiders have been net sellers, disposing of 29,674 shares worth roughly $9.67 million over the past 90 days (including a 5,025-share sale by the general counsel); insiders now own about 1.0% of the stock.
• Strong recent results and dividend: Watts beat Q4 estimates with EPS of $2.62 (vs. $2.36 expected) and revenue of $625.1M (up 15.7% year‑over‑year), and it pays a monthly dividend of $0.52 (approximately a 2.1% yield).

Impax Asset Management Group plc cut its holdings in shares of Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 13.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 647,873 shares of the technology company's stock after selling 97,749 shares during the period. Watts Water Technologies comprises approximately 1.1% of Impax Asset Management Group plc's investment portfolio, making the stock its 27th biggest position. Impax Asset Management Group plc owned 1.94% of Watts Water Technologies worth $178,826,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wexford Capital LP acquired a new position in shares of Watts Water Technologies during the third quarter worth $26,000. Advisory Services Network LLC acquired a new position in shares of Watts Water Technologies during the third quarter worth $29,000. Stance Capital LLC acquired a new position in shares of Watts Water Technologies during the third quarter worth $62,000. Allworth Financial LP increased its holdings in shares of Watts Water Technologies by 29.7% during the third quarter. Allworth Financial LP now owns 253 shares of the technology company's stock worth $71,000 after buying an additional 58 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Watts Water Technologies by 31.6% during the third quarter. GAMMA Investing LLC now owns 258 shares of the technology company's stock worth $72,000 after buying an additional 62 shares in the last quarter. 95.02% of the stock is currently owned by institutional investors.

Insider Activity at Watts Water Technologies

In other news, Director Michael J. Dubose sold 332 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $301.70, for a total transaction of $100,164.40. Following the transaction, the director owned 2,212 shares of the company's stock, valued at $667,360.40. This represents a 13.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Kenneth Robert Lepage sold 5,025 shares of the firm's stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $321.08, for a total transaction of $1,613,427.00. Following the completion of the transaction, the general counsel directly owned 12,284 shares in the company, valued at approximately $3,944,146.72. The trade was a 29.03% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 29,674 shares of company stock worth $9,669,838. 1.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on WTS shares. Zacks Research downgraded shares of Watts Water Technologies from a "strong-buy" rating to a "hold" rating in a report on Friday, February 27th. The Goldman Sachs Group boosted their price objective on shares of Watts Water Technologies from $267.00 to $323.00 and gave the stock a "neutral" rating in a research note on Friday, February 13th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Watts Water Technologies in a research report on Monday, December 29th. KeyCorp upped their price target on shares of Watts Water Technologies from $340.00 to $360.00 and gave the company an "overweight" rating in a research report on Thursday, February 12th. Finally, Royal Bank Of Canada boosted their price objective on Watts Water Technologies from $288.00 to $337.00 and gave the company a "sector perform" rating in a research note on Friday, February 13th. Four research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat, Watts Water Technologies has an average rating of "Hold" and a consensus price target of $331.67.

Watts Water Technologies Price Performance

WTS stock opened at $301.17 on Friday. The stock has a market capitalization of $10.04 billion, a PE ratio of 29.61, a price-to-earnings-growth ratio of 2.76 and a beta of 1.27. The company's 50-day moving average is $305.98 and its 200-day moving average is $291.38. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.51 and a quick ratio of 1.49. Watts Water Technologies, Inc. has a 1 year low of $201.21 and a 1 year high of $345.17.

Watts Water Technologies (NYSE:WTS - Get Free Report) last released its quarterly earnings data on Wednesday, February 11th. The technology company reported $2.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.36 by $0.26. The company had revenue of $625.10 million for the quarter, compared to analysts' expectations of $610.40 million. Watts Water Technologies had a net margin of 13.98% and a return on equity of 18.55%. The business's revenue was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.05 EPS. Equities research analysts expect that Watts Water Technologies, Inc. will post 11.62 EPS for the current fiscal year.

Watts Water Technologies Dividend Announcement

The business also recently disclosed a monthly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were given a dividend of $0.52 per share. This represents a c) dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, February 27th. Watts Water Technologies's dividend payout ratio is 20.45%.

About Watts Water Technologies

Watts Water Technologies, Inc is a global manufacturer and distributor of flow control products and solutions designed to ensure the safe, efficient delivery and use of water. Founded in 1874 and headquartered in North Andover, Massachusetts, the company has built a reputation for engineering innovation in residential, commercial and industrial plumbing, heating, cooling and water treatment systems. Watts operates through a comprehensive portfolio of brands and product lines that address application-specific requirements in water safety, pressure regulation, flow control and filtration.

The company's product offerings span backflow preventers, pressure reducing valves, relief valves and steam traps, as well as hydronic balancing and temperature control devices for heating systems.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.